A 
10.87
-2.16%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥543.0m
FY2016FY2025
Net income
−CN¥101.3m
FY2016FY2025
Free cash flow
−CN¥27.7m
FY2016FY2025
Shareholders' equity
CN¥602.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥543.0m | CN¥639.0m | CN¥805.7m | CN¥938.3m | CN¥1.19bn | CN¥1.26bn | CN¥1.33bn | CN¥1.21bn | CN¥1.03bn | CN¥920.4m |
| Gross profit | CN¥320.0m | CN¥324.0m | CN¥444.1m | CN¥386.4m | CN¥667.4m | CN¥673.4m | CN¥690.7m | CN¥651.5m | CN¥569.9m | CN¥542.7m |
| Research and development | CN¥22.2m | CN¥25.9m | CN¥33.8m | CN¥36.5m | CN¥34.7m | CN¥31.9m | CN¥35.6m | CN¥26.3m | CN¥23.3m | CN¥2.6m |
| Operating income | −CN¥37.0m | −CN¥109.6m | −CN¥91.1m | −CN¥252.5m | −CN¥3.5m | −CN¥55.9m | CN¥48.6m | CN¥100.2m | CN¥90.3m | CN¥99.1m |
| Net income | −CN¥101.3m | −CN¥114.7m | −CN¥99.6m | −CN¥237.4m | −CN¥3.0m | −CN¥46.8m | CN¥42.1m | CN¥83.4m | CN¥68.9m | CN¥79.1m |
| Diluted earnings per share | -0.47 | -0.52 | -0.46 | -1.14 | -0.03 | -0.25 | 0.28 | 0.50 | 0.40 | 0.60 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥953.7m | CN¥1.02bn | CN¥1.39bn | CN¥1.32bn | CN¥1.62bn | CN¥1.16bn | CN¥1.24bn | CN¥1.24bn | CN¥1.09bn | CN¥618.6m |
| Cash and short-term investments | — | CN¥521.8m | CN¥815.8m | CN¥683.0m | CN¥836.2m | CN¥558.5m | CN¥357.0m | CN¥481.0m | CN¥472.0m | CN¥100.6m |
| Total liabilities | CN¥349.9m | CN¥310.4m | CN¥566.0m | CN¥409.1m | CN¥464.7m | CN¥317.8m | CN¥349.3m | CN¥376.5m | CN¥293.2m | CN¥254.1m |
| Debt | — | CN¥100.6m | CN¥392.5m | CN¥220.2m | CN¥131.8m | CN¥80.0m | CN¥14.8m | CN¥25.4m | CN¥26.8m | CN¥50.0m |
| Shareholders' equity | CN¥602.7m | CN¥706.1m | CN¥820.6m | CN¥908.7m | CN¥1.15bn | CN¥842.7m | CN¥887.8m | CN¥860.2m | CN¥793.2m | CN¥364.5m |
| Shares outstanding | 217m | 219m | 215m | 208m | 106m | 184m | 151m | 167m | 173m | 131m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥18.4m | −CN¥14.7m | CN¥7.3m | −CN¥154.6m | CN¥41.0m | CN¥121.8m | −CN¥46.2m | CN¥44.6m | CN¥52.5m | CN¥61.2m |
| Capital spending | −CN¥9.4m | −CN¥10.2m | −CN¥25.0m | −CN¥36.3m | −CN¥15.5m | −CN¥17.7m | −CN¥29.2m | −CN¥21.8m | −CN¥8.0m | −CN¥24.8m |
| Free cash flow | −CN¥27.7m | −CN¥24.9m | −CN¥17.7m | −CN¥190.8m | CN¥25.5m | CN¥104.1m | −CN¥75.3m | CN¥22.8m | CN¥44.5m | CN¥36.4m |
| Dividends paid | −CN¥1.7m | −CN¥6.0m | −CN¥4.7m | −CN¥2.7m | −CN¥2.1m | −CN¥1.2m | −CN¥21.1m | −CN¥20.3m | −CN¥20.6m | −CN¥3.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥117.9m | CN¥161.7m | CN¥174.3m | CN¥105.8m | CN¥119.2m | CN¥143.7m | CN¥187.1m | CN¥108.4m |
| Gross profit | CN¥72.5m | CN¥104.2m | CN¥94.6m | CN¥38.0m | CN¥68.9m | CN¥73.1m | CN¥92.4m | CN¥34.6m |
| Operating income | −CN¥13.1m | CN¥22.7m | −CN¥7.2m | −CN¥33.5m | −CN¥21.0m | −CN¥7.8m | −CN¥33.4m | −CN¥50.4m |
| Net income | −CN¥19.1m | CN¥15.0m | −CN¥38.6m | −CN¥34.0m | −CN¥20.4m | −CN¥8.3m | −CN¥36.9m | −CN¥47.7m |
| Diluted earnings per share | -0.09 | 0.07 | -0.18 | -0.16 | -0.09 | -0.04 | -0.17 | -0.22 |
| Cash from operations | — | — | — | — | −CN¥1.0m | CN¥3.0m | CN¥31.0m | −CN¥75.0m |
| Capital spending | −CN¥1.0m | −CN¥1.0m | −CN¥3.0m | — | −CN¥2.0m | −CN¥1.0m | −CN¥2.0m | −CN¥2.0m |
| Free cash flow | — | — | — | — | −CN¥3.0m | CN¥2.0m | CN¥29.0m | −CN¥77.0m |
| Total assets | CN¥885.2m | CN¥997.3m | CN¥953.7m | CN¥1.08bn | CN¥1.12bn | CN¥901.6m | CN¥1.02bn | CN¥1.10bn |
| Cash and short-term investments | — | — | — | CN¥608.9m | CN¥666.1m | CN¥446.2m | CN¥521.8m | CN¥526.1m |
| Debt | — | — | — | CN¥245.9m | CN¥227.7m | CN¥23.9m | CN¥59.9m | CN¥89.5m |
| Shareholders' equity | CN¥598.6m | CN¥617.7m | CN¥602.7m | CN¥642.5m | CN¥676.4m | CN¥696.7m | CN¥706.1m | CN¥743.9m |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 58.9% | 50.7% | 55.1% | 41.2% | 56.3% | 53.6% | — | — |
| Operating margin | -16.4% | -15.9% | -10.3% | -25.8% | 0.3% | -4.2% | — | — |
| Net margin | -18.7% | -17.9% | -12.4% | -25.3% | -0.3% | -3.7% | — | — |
| Return on equity | -16.8% | -16.2% | -12.1% | -26.1% | -0.3% | -5.6% | — | — |
| Return on assets | -10.6% | -11.2% | -7.2% | -18.0% | -0.2% | -4.0% | — | — |
| Free cash flow yield | — | -0.5% | 0.3% | -5.9% | 3.1% | 5.3% | -2.4% | — |
| Revenue growth | -15.0% | -20.7% | -14.1% | -20.9% | -5.7% | -5.3% | — | — |
| Earnings growth | -11.6% | 15.2% | -58.1% | 7736.4% | -93.5% | -211.2% | — | — |
| Current ratio | 2.45x | 2.98x | 3.86x | 2.98x | 3.43x | 2.86x | — | — |
| Debt to equity | — | 0.08x | 0.42x | 0.18x | 0.05x | 0.09x | — | 0.14x |
| Equity ratio | 63.2% | 69.2% | 59.1% | 68.9% | 71.3% | 72.6% | — | — |
| Interest coverage | -22.22x | -10.73x | -8.80x | -29.10x | 0.48x | -16.90x | — | — |
| R&D as a share of sales | 4.1% | 4.1% | 4.2% | 3.9% | 2.9% | 2.5% | — | — |
| Buybacks as a share of market value | 0.8% | -2.0% | -3.2% | -96.9% | 42.5% | -21.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -16.7% | -15.5% | -4.3% |
| Operating income | -47.3% | -7.9% | — |
| Net income | -24.7% | 16.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 54.5% | 50.4% | 52.4% | 54.0% |
| Operating margin | -12.4% | -16.8% | -10.2% | -1.1% |
| Net margin | -18.3% | -18.9% | -11.2% | -2.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -35.5 | -24.8 | -32.1 | -23.1 | -321.5 | -35.6 | 43.3 | 22.0 | 39.7 |
| Price to sales | 6.6 | 4.4 | 4.0 | 5.8 | 0.8 | 1.3 | 1.4 | 1.5 | 2.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 May 2019.
| FY2019 | FY2018 | |
|---|---|---|
| Paid in the year | 0.123 | 0.118 |
- 13-for-10 split · 1 Jul 2020
- 13-for-10 split · 28 May 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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